CORAL GABLES, Fla., June 21, 2012 /PRNewswire/ -- Mercantil Commercebank, one of the largest community banks in the U.S., today announced that it has closed more than $107 million in commercial real estate loans through its New York banking center over the past 18 months.
The loans were for acquisitions and refinancing of a broad range of existing commercial properties, including multi-family housing, shopping centers, warehouses, office condominiums and mixed-use. Earlier this year, the bank provided $10.7 million to refinance a portfolio of mixed-use residential buildings in Manhattan. Mercantil Commercebank's New York City banking center is located at 11 East 51st Street, across the street from St. Patrick's Cathedral in Manhattan.
"We are pleased to have had the opportunity to serve a number of our clients in this capacity," said Paulo C. Garcia, Vice President, Commercial Real Estate Lending in New York. "These were all strong projects, a number owner occupied, and within key markets in New York, including Manhattan, Brooklyn, Queens, White Plains and Brentwood."
Mercantil Commercebank, with corporate headquarters located in Coral Gables, Florida, is one of the largest banks in South Florida. The Bank recently announced a net profit of $6.2 million for the first quarter of 2012, compared to a net profit of $2.6 million for the same quarter in 2011. The Bank's total assets closed at $6.8 billion, an increase of 2.7% over the previous quarter. Net loans closed at $4.1 billion, 6.4% higher than the same period last year. Commercial and industrial (C&I) loans grew by 4.2% during the quarter as a result of the Bank's strategic focus on this sector.
"We are very pleased with the success of our New York banking center," adds President and CEO Millar Wilson. "The quality of these loans is reflective of the ongoing real estate recovery. We look forward to continue serving our clients."
Mercantil Servicios Financieros, a Venezuelan company, beneficially owns the Bank through U.S. bank holding companies. Mercantil is the largest provider of financial services in Venezuela, with more than 85 years of experience, and presence in the Americas and Europe.
ABOUT MERCANTIL COMMERCEBANK:
Mercantil Commercebank N.A. is one of the largest banks in South Florida serving its community for 30 years. Mercantil Servicios Financieros (MSF), a Venezuelan company, beneficially owns the Bank through U.S. bank holding companies. MSF is the largest provider of financial services in Venezuela with more than 85 years of experience. Mercantil Commercebank has assets of $6.8 billion. The Bank is headquartered in Coral Gables, Florida and has 17 Banking Centers - 15 located in South Florida; one in Manhattan, New York; and one in Houston, Texas. The Bank offers a wide variety of domestic, international, personal and commercial banking services, including investment, trust, and estate planning through its subsidiaries, Mercantil Commercebank Investment Services, Inc. and Mercantil Commercebank Trust Company, N.A. For more information, please visit www.mercantilcb.com.
SOURCE Mercantil Commercebank